Standard Chartered says deputy CEO Rees to step down

Reuters Staff

2 Min Read

(Reuters) - Standard Chartered Plc (STAN.L) (2888.HK) said Deputy Chief Executive Mike Rees will step down from his role on April 30 and leave by year end, the latest veteran to leave the emerging markets-focused bank.

A woman walks past a Standard Chartered bank in London October 13, 2010. REUTERS/Stefan Wermuth

He will not be replaced because the role will end, a spokesman said on Thursday.

Since taking over in June, Standard Chartered’s Chief Executive Bill Winters has cut jobs and shut units globally as he seeks to restore the bank’s fortunes. He has taken more direct responsibility for the major units run by Rees.

After 26 years at the bank, Rees was the most senior survivor of its previous management, and one of its best paid executives.

In 2014, he was paid a total of $7 million despite a slump in Standard Chartered’s earnings and share price. The bank’s performance that year triggered an investor rebellion that ultimately forced former chief executive Peter Sands to leave.

In 2013, Rees received a total of $9.5 million.

Rees, 59, will remain subject to a clause whereby a major portion of his salary could be reduced depending on the company’s performance, Standard Chartered said.

Its shares, which had declined 38.5 percent in 2015, closed down 1.9 percent at 505.8 pence on the London Stock Exchange on Thursday.

Last month the bank completed a 3.3 billion-pound share sale to bolster its balance sheet and pursue a plan to restore profitability after three years of falling profits.

Reporting By Mamidipudi Soumithri in Bengaluru and Sinead Cruise in London; Editing by Sriraj Kalluvil and Rachel Armstrong